Quadrant today announced that AB Parex Bankas (Lithuania) has selected its Basel II solution (SAB2) to implement their capital adequacy reporting.
The reporting is based on the COREP (Common Reporting Framework) specified by CEBS (the Committee of European Regulators), customised for the requirements of the Lithuanian regulator. The project is being carried out in conjunction with Quadrant's regional partner Sybase, who are providing the data management platform on which the solution will run.
Paul Lockyear, Quadrant's Chief Operating Officer, said "We are delighted to achieve this significant win for Basel II reporting in the Baltic States and look forward to working with AB Parex Bankas, a progressive Lithuanian bank that has shown an impressive growth pattern during the past 18 months."
Andrej Jarmalkovic, COO for Sybase Solutions (Lithuania), said "The Sybase data modelling and management platform combines perfectly with Quadrant's Basel II software to provide a flexible, localised regulatory capital solution for a rapidly growing Lithuanian bank."